China Shipping plans to list CSCL
CHINA Shipping Group has confirmed that it is planning to list its subsidiary, China Shipping Container Lines (CSCL), outside of mainland China. Hong Kong media reports claimed the shipping line is to be listed on the Hang Seng Index.
In preparation for the initial public offering, the container company was officially established as a stockholding company earlier this month in Shanghai.
Li Kelin, the president of the China Shipping Group and the chairman of the newly formed board of directors at CSCL, said: "The move will enhance the whole group's ability to operate, improve the structure of its assets, and strengthen competitiveness."
It was reported that CSCL has appointed BNP Paribas Peregrine as its financial advisor. The company hopes to raise US$2 billion.
Meanwhile, China Shipping launched its second Far East - Europe service on February 18. The port rotation is: Dalian, Tianjin, Qingdao, Shanghai, Ningbo, Yantian, Hong Kong, Chiwan, Port Klang, Rotterdam, Antwerp, Hamburg, and Felixstowe.